Photographer: Brendon Thorne/Bloomberg

Why Some Think Australia's Housing Market Is Due for a 2008 Moment

That's not a housing bubble, this is a housing bubble.

Insane. That's how Jonathan Tepper, chief executive officer at research firm Variant Perception, described Australia's housing sector in a word, painting the picture of a market that's strikingly similar to that of the U.S. prior to the financial crisis.

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